(1) The Minister, on the recommendations of the Board, shall by legislative instrument make Regulations
(a) to add to or vary the list of accountable institutions;
(b) on the records to be kept and retained by financial institutions and accountable institutions;
(c) on the format of suspicious transactions reports;
(d) for the rules and directives for accountable institutions to identify clients for the purposes of this Act;
(e) on the form of reports and other documentation required under this Act; and
(f) generally for the effective implementation of this Act.
(2) Despite the Statutory Instruments Act, 1959 (No. 52) as amended, the penalty for contravention of Regulations shall be a fine of not more than two thousand five hundred penalty units or a term of imprisonment of not more than three years or to both.